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Because the prepaid interest rate swap contract is not a derivative in its entirety, it should be evaluated to determine whether the contract contains an embedded derivative that, pursuant to paragraph 12, requires separate accounting as a derivative. That is, LIBOR may possibly decrease to such a level that the investor may not recover its initial net investment. Therefore, the embedded interest rate swap is not considered clearly and closely related to the host contract under paragraph 13 of […]
For example, maybe commission fees are higher than average in your area, or perhaps interest rates have gone up causing your home to spend longer than two months on the market. Though it is not an exact science, calculating net proceeds on a home sale is extremely useful. Doing so will help you determine whether or not you should list your house with an agent or consider an alternative. For example, consider an investor (more…) […]
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In some instances, such as when no returns were filed, the audit period might be longer. If the EDD suspects fraud, whether or not a return has been filed, there is no statute of limitations for assessment. Often IRS employment tax specialists can determine if the taxpayer is ripe for examination simply by reviewing a company’s Form 941. An “unofficial audit” can occur where an amended Form 941X requests a significantly large refund and a specialist sends a notice requesting ( […]
At the recorded amount of the surrendered asset, if no fair values are determinable or the transaction has no commercial substance. Be the first to know when the JofA publishes breaking news about tax, financial reporting, auditing, or other topics. Select to receive all alerts or just ones for the topic that interest you most. The proceeds from the sale must be used to purchase the new property within 180 days of the sale of old property, although the new property must be identified within (mo […]
Fiduciary insurance can also help to provide protection in retirement plans, but in a different way. Rather than protecting the plan’s participants, the fiduciary insurance protects the person managing the funds. If a fund manager is a fiduciary, they have a legal and ethical responsibility to act in the best interests of the plan’s participants. Fiduciary insurance is an optional policy that may protect them against personal financial losses. Though she owns and operates the store, […]
In the example above, if Steve were to assume his 20% markup would yield a 20% margin, his net income would actually be 3.3% less than expected. While a 3.3% difference in net income may not seem like much, to many low-profit-margin businesses it can mean the difference between solvency or bankruptcy. A markup is an extra amount that a retailer adds to the cost of production when determining the customer-facing price of a product or service. Just like a margin, markup can be depicted as both a […]
Statement no. 130 requires that all items meeting the definition of components of comprehensive income be reported in a financial statement for the period in which they are recognized. Items that are required by accounting standards to be reported as direct adjustments to paid-in capital, retained earnings or other nonincome equity accounts are not to be included as components of comprehensive income. In the past, companies did not include these (more…) […]
Accounting periods vary and depend on different factors; however, the most common type of accounting period is the annual period. During the accounting cycle, many transactions occur and are recorded. Do an adjusted trial balance after making adjusting entries and before creating financial statements to see if the debits and credits match after making adjusting entries. An accounting period can be a month, a quarter, or a year, depending on the business’ preference. The accounting cycle p […]
If you combine these expenses, you do not need to support the business purpose of each expense. Instead, you can divide the expenses based on the total business use of the listed property. If your business use of the car had been less than 100% during any year, your depreciation deduction would have been less than the maximum amount allowable for that year. However, in figuring your unrecovered basis in the car, you would still reduce your basis by the maximum amount allowable as if the busines […]
